If using matching initals means you won't use your favorite names then I think it's a bad idea. I always wonder, when I come across siblings with matcing names, if their parents really used the names they loved or if they just tried to find a name that fit. I hate the idea of parents not using their favorite names in favor of using a matching name.
I think all the names on your list fit nicely with your children's names. I actually really like the idea of a little Jessica, just because it is so unexpected. My favorite is Emelia. Emelia Mae is lovely. I like all your boy names except for Jacob. Elliott Morgan is my favorite combo. Overall, I think you have some really nice names here. Ah, I just realised that I picked the only two E names from the list as my favorites...